Energy & Climate Shock: Europe’s shrinking rivers are now hitting power, shipping and business earnings, with drought forcing output cuts and grid strain from the Rhine to the Danube. Hungary Power Crisis: Hungary said it was “within millimetres” of shutting its Paks nuclear plant as Danube cooling water fell, prompting energy-saving steps across households and retailers. Retail & Consumer Goods: Pilgrim’s Europe is refreshing its Mattessons cooked-meat range with new packaging and a push to broaden meal occasions. Fashion & E-commerce: Zalando narrowed its 2026 outlook to the lower end of its range as it leans on logistics upgrades and growth in higher-margin partner, software and retail media. Payments & Banking: HSBC beat expectations in H1, lifted guidance and restarted a up-to-$1bn buyback; Metro Bank also posted a profit jump on stronger lending. EU Rules for AI: The EU’s AI transparency obligations start rolling out, requiring clearer disclosure for AI interactions and some generated content. Outdoor & Sports Brands: CPE Yuanfeng agreed to buy Switzerland’s Mammut from Jacobs Capital, betting on brand growth without diluting technical credibility. Automotive Competition: Chinese EV makers and Tesla are intensifying the fight for share in western Europe as demand rises and prices stay under pressure. Travel & Consumer Risk: A UK ski holiday operator, Ski Yodl, entered voluntary liquidation, cancelling booked packages.