Eurozone manufacturing output accelerated in July while new orders and exports stayed weak. The survey’s output index climbed from 51.7 to 52.9, reaching its highest point since March 2022. While production accelerated faster than overall manufacturing activity, companies primarily relied on work from previous months. New orders grew only marginally and lagged behind the pace of production, with exports declining once more. The downturn in France, Spain, Italy, and Austria outweighed gains elsewhere in the euro area. Consequently, the increase in July’s production was largely driven by existing order backlogs. Factories worked through unfinished orders at the fastest rate since January, as they completed existing commitments. This reduction in backlogs helped sustain output even amid weak new demand. Additionally, manufacturers cut employment once again in July, extending a period of job reductions across the sector. Companies continued to carefully manage staffing levels amid limited order growth. Business confidence improved to its highest level since February, although it remained below the long-term average among eurozone goods producers. Demand growth lags behind production increases Persistent exports continued to be a major obstacle to manufacturing recovery. Several large eurozone economies reported fewer orders from international clients. Gains in other markets were not enough to offset those declines. As a result, domestic and export demand together yielded only a slight increase in total new work. These figures contrasted with the stronger rise in output and the quicker reduction in outstanding orders. Factories entered the third quarter with higher production levels than new
Scaleup Europe Fund targets €5 billion for strategic technology growth across Europe. The EU has pledged €1 billion, supported by Horizon Europe, with public and private investors contributing capital during the first closing phase. EQT will then pursue further commitments from a wider range of investors. It’s important to note that the €5 billion figure is a fundraising goal rather than a confirmed final fund size; the actual total might be higher or lower. The initial closing amount has not been publicly disclosed. The European Commission will participate under the same financial conditions as other investors. The fund’s focus is on European scaleups in the technology sector that require significant late-stage funding rounds. It will operate throughout EU member states and eligible associated nations. Investment decisions will be made through a merit-based process aligned with approved guidelines, with governance involving the Commission and other investors. While they will have a say in oversight, they will not control individual deals, leaving EQT responsible for commercial selection and portfolio management. EQT secured the mandate through an open and competitive process. Structure and Investment Guidelines Target sectors include artificial intelligence, quantum technology, semiconductors, robotics, and autonomous systems. The mandate also encompasses energy, space, biotechnology, medical technology, advanced materials, and agritech. The fund plans to make investments of approximately €100 million or more, including follow-on funding, and will support private companies starting from Series B. Eligible companies must operate in, or plan to establish themselves within, an eligible country. The
Business
Eurozone manufacturing output accelerated in July while new orders and exports stayed weak. The survey’s output index climbed from 51.7 to 52.9, reaching its highest point since March 2022. While production accelerated faster than overall manufacturing activity, companies primarily relied on work from previous months. New orders grew only marginally and lagged behind the pace of production, with exports declining once more. The downturn in France, Spain, Italy, and Austria outweighed gains elsewhere in the euro area. Consequently, the increase in July’s production was largely driven by existing order backlogs. Factories worked through unfinished orders at the fastest rate since January, as they completed existing commitments. This reduction in backlogs helped sustain output even amid weak new demand. Additionally, manufacturers cut employment once again in July, extending a period of job reductions across the sector. Companies continued to carefully manage staffing levels amid limited order growth. Business confidence improved to its highest level since February, although it remained below the long-term average among eurozone goods producers. Demand growth lags behind production increases Persistent exports continued to be a major obstacle to manufacturing recovery. Several large eurozone economies reported fewer orders from international clients. Gains in other markets were not enough to offset those declines. As a result, domestic and export demand together yielded only a slight increase in total new work. These figures contrasted with the stronger rise in output and the quicker reduction in outstanding orders. Factories entered the third quarter with higher production levels than new
News
Guatemala maintains red alerts as Fuego volcano activity affects nearby communities. The eruption initiated on Monday and grew more intense as gases, lava, and ash emerged from the crater. Pyroclastic flows moved through several ravines on Fuego’s western and southwestern slopes, reaching distances of five to seven kilometers. These flows, containing hot gases, ash, and rocks, are capable of rapid movement. Monitoring teams also observed an ash plume spreading west and northwest, with volcanic debris reported well beyond the immediate danger zone. Preventive evacuations commenced in El Porvenir and Las Lajitas, localities in San Juan Alotenango. Initially, roughly 250 individuals from about 50 families were evacuated. As more residents evacuated vulnerable zones, authorities expanded shelter operations. Five shelters are now accommodating around 1,699 people, with three additional sites on standby. Families at these facilities receive food, medical attention, security, and other support services. Support at emergency shelters for displaced residents Guatemala’s disaster management agency, CONRED, coordinated evacuations and emergency response efforts with local authorities. The agency advised residents to steer clear of ravines, adhere to official directives, and keep emergency supplies prepared. It also recommended covering stored water and food to prevent ash contamination. In affected zones, residents were instructed to wear masks or damp cloths over their noses and mouths. Emergency teams remain deployed in the three departments under red alert status. INSIVUMEH, Guatemala’s volcano and weather institute, reported that the
Health
Moderna initiates Ebola vaccine Phase 1 trial amid ongoing DR Congo outbreak. The trial will be conducted across three sites in Canada, enrolling approximately 80 healthy adults. The primary goals are to evaluate the vaccine’s safety, tolerability, and its capacity to generate an immune response. It is important to note that this Phase 1 study will not assess the vaccine’s effectiveness in preventing infection, as early-phase trials focus on safety data. The WHO documented 3,605 confirmed cases and 1,587 deaths in DR Congo through July 30, with at least 651 recoveries by that date. As of August 4, CEPI updated these figures, reporting over 3,800 infections and more than 1,700 deaths. The cases are spread across 49 health zones in Ituri, North Kivu, South Kivu, Haut-Uélé, and Tshopo provinces, with 33 zones reporting recent infections and Ituri accounting for 88% of confirmed cases.
