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Wildfires and 'Super El Niño' Threaten to Squeeze Commodities Further

Wildfires across France and Spain and a forecast 'Super El Niño' add pressure to commodity markets even as BofA says the K-shaped consumer spending gap has closed.

July 28, 2026 Macro

Wildfires and Heat Compound European Pressures

Wildfires have burned nearly 300,000 acres across France and Spain as a heat wave looms, with temperatures in France expected to reach 95 degrees Fahrenheit this week. France is bracing for a fourth major heatwave as crews tackle an ongoing blaze in Bordeaux.

'Super El Niño' Seen Squeezing Commodities

A 'Super El Niño' is expected to squeeze commodities even further this year.

Consumer Spending Gap Narrows

BofA said the K-shaped gap in consumer spending has closed.

China Tightens Tax Rules on Offshore Trusts

China is targeting offshore trusts with new tax rules.

Sources

Not investment advice.