Eurozone manufacturing PMI rose to 51.9 in July from 51.4 in June, S&P Global said, slightly below the earlier flash 52.0. The output sub-index climbed to 52.9 from 51.7, its highest since March 2022. S&P Global noted the improvement largely reflects firms digesting backlogs rather than a pickup in end-market demand. Disruption from the Middle East conflict and sharply higher energy costs are adding operating pressure on manufacturers. S&P Global Market Intelligence chief business economist Chri

Stifel: Tesla (TSLA.O) Q2 profitability weakened — gross margin fell to 16.8% and adjusted EBITDA missed expectations. Stifel remains optimistic on FSD and Robotaxi, citing backlog growth and the launch of the Model Y L as key long-term catalysts.

The ECB said euro-area household consumption plunged in the initial weeks after the outbreak of the Iran war as consumer confidence collapsed, and warned a renewed escalation could again curb spending. In its economic bulletin the central bank said April consumption fell to roughly 2.5% YoY — about half the pace seen since mid-2024 when nominal consumption averaged 3–4% — and that the April drop was roughly twice the decline implied by historical-trend forecasts and comparable to the hit after the Russia‑Ukraine outbreak in early 2022. The slowdown was driven by higher-income households cutting discretionary spending; the ECB said this pattern points to households postponing purchases rather than being income-constrained.