ECB accounts noted rising energy prices' effect on consumer fuel prices may not yet be fully reflected in July data and could show up only in August.

Analyst Edward Ludlow says NVIDIA (NVDA.O) has more than doubled its forward supplier commitments in a single quarter, rising from $119bn to $279bn. NVIDIA attributes the increase mainly to securing memory supply. These are commitments to suppliers, not incurred costs, intended to lock components and capacity to meet AI demand over the coming years. Commitments total $92bn for the remainder of the current fiscal year, $87bn for fiscal 2028 and $88bn for fiscal 2029.

The Islamic Revolutionary Guard Corps (IRGC) said monitoring of political, economic and social threats and military moves over the past 60 days shows adversaries, having recognized their limits and Iran's advantages, are shifting toward cognitive and intelligence operations and pursuing measures to: weaken the Strait of Hormuz's role in Iran's national security; prevent Iran from again initiating regional wars; limit the "resistance front"'s regional capabilities; impose maritime blockades; undermine "sacred unity" by stoking discontent and polarization; exaggerate and exploit domestic governance weaknesses, shortages and constraints; and provoke street-level unrest.