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Europe Scorched by Record Heatwave: France and Italy Take Emergency Measures

As a blistering heatwave tightens its grip on Europe, countries are scrambling to protect citizens from soaring temperatures and mounting health risks. France has shuttered over 1,350 schools  and closed the top floor of the Eiffel Tower as temperatures surged past 40°C (104°F)  in several regions. Sixteen French departments are now under the highest heat alert, with authorities urging people to stay hydrated and indoors during peak hours. Meanwhile, Italy has imposed restrictions on outdoor work , particularly in agriculture and construction, during the hottest parts of the day. Cities like Rome, Milan, and Venice are under red alerts, with hospitals reporting a spike in heat-related illnesses. The Mediterranean Sea has also hit record highs, with waters in Spain’s Balearic Sea reaching 30°C , up to 6 degrees above average. Scientists warn that Europe—already warming at twice the global average —is facing increasingly frequent and intense heatwaves due to climate change. New ...
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Markets Update: Weekly recap, August 26, 2023

 


This week, the stock market has been in the news for a variety of reasons. The Federal Reserve’s annual Jackson Hole symposium was held, and it offered policymakers an opportunity to outline broad policy shifts. The Fed’s tone is gradually evolving in a more favorable way for both equities and bonds, but some uncertainty remains around what will be needed to fight the last mile of inflation. Growth has stayed more resilient than most expected (including the Fed), though some downside remains as the rate hikes filter through the economy. Policy rates are now at, or nearing, a peak.

The S&P 500 edged 1.4% lower this week, while the tech-heavy Nasdaq closed out the week down 1.9% . The Dow Jones Industrial Average (DJI) slid 1.1% or 373.56 points to close at 34,099.42 . All three major indexes ended firmly in the red. Investors remained nervous about what to expect from Fed Chair Jerome Powell’s Jackson Hole speech . The fear-gauge CBOE Volatility Index (VIX) was up 7.6% at 17.20.








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