Markets spent the day recalibrating risk after Ukraine’s latest drone salvo torched Russia’s Ust-Luga export hub and the Novoshakhtinsk refinery, temporarily sidelining roughly 100,000 bpd of capacity and pushing Brent to $68.13/bbl — a 0.6 % jump that snapped last week’s slide. (reuters.com)

Moscow calls the strikes “terrorism,” even alleging a hit on the Kursk nuclear plant, while Kyiv frames them as economic warfare aimed at the Kremlin’s fuel lifeline. Whatever the label, three major energy sites were aflame within 24 hours, evidence that cheap, long-range drones can now achieve what Cold-War cruise missiles once promised at a fraction of the cost. (apnews.com, theguardian.com)

History rhymes: in 1980, Iran-Iraq “tanker wars” pruned 4 % of global supply and doubled prices in six months. Today’s disruption is smaller, yet the signal is clear — energy infrastructure is becoming the new front line, and every barrel displaced tightens a market already digesting OPEC+ output reversals. Investors chasing a post-Powell rally should remember the economist Charles Kindleberger’s warning: “Markets can remain irrational longer than infrastructure can remain intact.”

The Gist AI Editor

France’s Fiscal Gamble

French Prime Minister Francois Bayrou is staking his government on fiscal discipline, calling a high-stakes confidence vote for September 8 over proposed budget cuts (Strait Times). Facing a fragmented parliament, the move is a risky attempt to rein in France’s substantial public debt. A loss would topple the minority government, highlighting the immense political difficulty of curbing state spending in modern welfare states. Bayrou’s rationale: the risk of inaction on the nation’s debt pile is greater than the political peril of the vote itself.

ASEAN’s Economic Vitality

Singaporean markets are showing resilience, with the benchmark Straits Times Index (STI) closing 0.1% higher after core inflation, which filters out volatile transport and housing costs, eased to 0.5% in July (Strait Times). This macroeconomic stability underpins significant cross-border investment. In a major move, Thomson Medical Group announced a $5.5 billion project within the Johor-Singapore Special Economic Zone, featuring a 500-bed hospital. The project demonstrates how capital flows to regions with favorable economic conditions and less restrictive business environments, fostering growth.

AI’s Publisher Problem

AI search engine Perplexity is experimenting with a market-based solution to the industry’s conflict with media, launching a new revenue-sharing model for publishers (WSJ). The initiative aims to compensate media companies when their content is used to generate answers. This represents a private-sector attempt to address intellectual property concerns without heavy-handed regulation, potentially creating a more sustainable ecosystem where innovation in AI can coexist with content creation. It’s a step toward valuing the original reporting that AI models depend on.

Stay tuned for the next Gist—your edge in a shifting world.

French PM calls risky confidence vote over budget cuts to tackle debt
— Strait Times

Singapore shares close higher as inflation eases; STI up 0.1%
— Strait Times

Thomson Medical announces $5.5b project in Johor-S’pore SEZ including 500-bed hospital, hotel
— Strait Times

Perplexity Is Launching a New Revenue-Share Model for Publishers
— Wall Street Journal

The devastating global boom in narcotics
— Financial Times

At Least 20 Killed in Israeli Strikes on Gaza Hospital
— Wall Street Journal

Puma’s Potential Sale

Speculation is roiling the European sportswear sector. Shares in German giant Puma surged nearly 16% to €21.73 following reports that the Pinault family is exploring a sale of its 29% stake (Bloomberg, ANSA). After a year that saw the stock price halve due to flagging demand, the move signals that major shareholders are unwilling to wait out the storm. Advisors are reportedly courting Asian competitors and Middle Eastern funds. This isn’t just a portfolio adjustment; a sale could trigger a significant realignment in the global sportswear market. For Puma, it represents a potential pivot, forcing an overdue reckoning with its competitive strategy against entrenched rivals.

Energy Price Creep

Natural gas prices, a key barometer for Europe’s economic health, are ticking up again. Futures on the benchmark Amsterdam exchange closed at €33.7 per megawatt-hour (MWh), a modest but notable rise of 0.6% (ANSA). While not a dramatic spike, this steady upward pressure on a core industrial and household input cost cannot be ignored. It serves as a persistent reminder of underlying inflationary pressures that constrain both the European Central Bank (ECB) and national governments. For markets, it underscores the continent’s lingering energy vulnerabilities and the tightrope monetary policymakers must walk between stimulating growth and taming price increases.

Catch the next Gist for the continent’s moving pieces.

“Meine Klamotten sind keine Einladung!”
— Zdf

In Mexico, everything goes through Omar García Harfuch
— El Pais

Le couple Chen ou la philanthropie géopolitique du XXIᵉ siècle
— Lemonde

Der Ukraine-Krieg im Zeitraffer
— Zdf

Petition soll Herrn Smidts Tiere retten
— Zdf

Scompare a 42 anni l’attrice spagnola Verónica Echegui
— Ansa