Portugal's government on July 2 said the country will enter a state of alert from July 3 through July 6 to address expected extreme heat. Emergency restrictions on the use of agricultural machinery, intended to reduce wildfire risk, have taken effect. Interior Minister Luis Neves said after a firefighting meeting that conditions will "deteriorate markedly" and the government will deploy special measures for major emergencies. Civil protection raised the fire warning level to 3, a higher-level al

The US economy added 57,000 nonfarm payrolls in June, below Wall Street forecasts, the Bureau of Labor Statistics said Thursday. The gain followed three months of upside surprises and fell sharply from May’s downward-revised 129,000; it was also below the Bloomberg survey median of 115,000. The report signals a marked cooling in the labor market; the unemployment rate edged down to 4.2% from 4.3% in May. Despite the slowdown, payroll gains remain well above a 2025 target of average 10,000 annual job additions. Investors cut Fed tightening expectations, the dollar weakened, and futures now price a Fed rate increase in December, versus October previously.

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