ECB Watch: The European Central Bank is widely expected to lift its deposit rate by 25 basis points to 2.5% next Thursday, as energy-price pressure from the US-Iran standoff keeps inflation risks elevated. Energy Security: Europe’s gas squeeze is reshaping supply routes and prices, with storage still only about two-thirds full and TTF futures jumping; drought is also hitting farming across parts of Europe. Diesel Shift: India is filling Europe’s diesel gap, supplying around 60% of diesel transiting the Bab-el-Mandeb as Russian exports stay constrained and US shipments slow. Space Autonomy: German startup Isar Aerospace successfully reached orbit with its Spectrum rocket from Arctic Norway—Europe’s first commercial orbital flight from continental Europe—boosting satellite-launch ambitions. Migration Policy: Germany, Austria, Greece, Denmark and the Netherlands are pushing for agreements with non-EU countries to set up return centres outside the bloc. Public Health: EU drug safety officials are reviewing injectable iron preparations over potential bone and electrolyte risks. Travel Rules: Britain-to-Schengen travellers face new Entry/Exit System checks from Sept 7, with fingerprints and photos required. Geopolitics & War Readiness: European defence officials warn the continent may struggle to sustain a prolonged war with Russia, citing readiness gaps and hybrid threats. Climate Hit: A heat dome could push temperatures toward 44C in parts of southern Europe and the Mediterranean. Central Bank Gold: The Netherlands is moving more gold from North America to London, citing rising geopolitical uncertainty.