Persist

• South Korea's ruling party remains deeply divided as leadership races persist despite unity appeals from President Lee Jae Myung and former President Moon Jae-in. • The internal feud led to the main opposition's absence from the judiciary committee meeting on July 2. • This political instability occurs as the ruling party attempts to advance critical prosecution reform bills scheduled for next week.

• Europe is experiencing a severe heatwave with temperatures surging well above seasonal norms, particularly in France and Spain. • Thermometers in these regions have climbed above 40°C, characterized by prolonged heat and a lack of nighttime cooling. • The extreme weather is linked to an "Omega Block," a high-pressure system that traps hot air and prevents cooler weather from moving in.

• Samajwadi Party chief Akhilesh Yadav criticized the BJP-led central government on Saturday, alleging that paper leaks and examination irregularities have become recurring events. • Speaking in Azamgarh, Uttar Pradesh, Yadav claimed the government consistently fails to learn from its mistakes, leading to systemic failures in the education sector. • The attack highlights growing political tension over the integrity of competitive exams and the impact of these leaks on students' futures.

• Former UP Chief Minister Akhilesh Yadav criticized the BJP-led central government, claiming that examination paper leaks will persist as long as they remain in power. • Yadav argued that the government's failure to learn from previous scams is jeopardizing the futures of students and job aspirants across the country. • Separately, Champat Rai and Anil Mishra of the Shri Ram Janmabhoomi Teerth Kshetra Trust have resigned, taking moral responsibility for alleged embezzlement of Ram Mandir donations.

• Global stock markets, including those in Germany, France, and Spain, declined following a sharp sell-off of U.S. tech stocks last week. • The downturn is driven by persistent investor concerns regarding the valuation and sustainability of tech firms central to the artificial intelligence boom. • Simultaneously, global oil prices have surged as a result of direct military exchanges between Iran and Israel.

• The OECD has lowered its 2026 global growth forecast, warning that ongoing conflict in the Middle East is damaging worldwide economic prospects. • A more severe economic shock is predicted if an effective ceasefire is not reached before 2027, though some impacts may be offset by tighter fiscal policies and the end of the NextGenerationEU recovery spending. • Specifically in the United Kingdom, growth is projected to drop from 1.4% in 2025 to 0.9% in 2026.

• Global stock markets rallied on Tuesday, driven primarily by investor optimism surrounding artificial intelligence technologies. • Oil prices experienced a slight increase as uncertainty grows regarding a potential deal to end the conflict between the U.S. and Iran. • The market activity highlights a tension between high-growth tech enthusiasm and geopolitical instability in the Middle East.