The estimated loss equals roughly €180 billion and is close to the European Commission’s current growth forecast for the bloc. In May, the Commission projected EU gross domestic product would rise 1.1% this year. The comparison shows the scale of the weather-related damage estimated in the bank’s analysis.

Denmark’s annual consumer price inflation eased to 1.7% in July from 1.9% in June, official data showed. The consumer price index rose 1.3% from June, with core inflation remaining steady at 2.3%. Restaurants and hotels made the largest contribution to July inflation, driven by higher holiday home rental prices. Rent, holiday home rentals, and fuel were the main drivers of annual inflation, while food prices reduced the overall rate. In July, goods prices were lower than a year earlier, while services prices increased. EU harmonised inflation fell to 1.6% in July.

Gold advanced for a third consecutive session on Tuesday as bullion extended its rebound from last week. Spot gold gained 1% to $4,432.74 an ounce by 0217 GMT, reaching its highest level since June 5. U.S. gold futures climbed 1.7% to $4,492.60. The move pushed prices above the seven-week peak recorded last week and continued a recovery that accelerated after weaker U.S. employment data.

Fresh vegetable prices have surged in South Korea as prolonged extreme heat reduced shipments and damaged farm output nationwide. Korea Agro-Fisheries & Food Trade Corp. data showed spinach at 1,978 won per 100 grams on Aug. 7, up 152.3% from a month earlier. Ten cucumbers cost 8,313 won, an increase of 54.8%. Blue lettuce rose 41.7%, while a zucchini climbed 46.6% to 1,504 won.