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Prolonged heatwaves and drought are exacting an unprecedented economic toll across Europe this summer, disrupting shipping, straining power systems, and devastating agriculture — yet financial markets have continued to climb to new highs.

Global stocks held broadly steady on Monday as Iran announced it was nearing a final agreement with Oman on new shipping lanes through the Strait of Hormuz, offering a glimmer of progress on a geopolitical flashpoint that has kept energy…

European shares climbed to fresh all-time highs on Tuesday as gains in technology stocks and a busy slate of corporate earnings lifted sentiment, even as investors continued to monitor the ongoing U.S.-Iran conflict and its impact on energy markets.

European equities suffered their steepest single-day decline in more than two weeks on Thursday as a combustible mix of surging oil prices, hawkish central bank rhetoric, and weak earnings dragged the pan-European STOXX 600 down 1.3% to 638.5 points.