Market News

(Bloomberg) -- European capitals are bracing for heat wave conditions, following wildfires in Greece and flooding in Switzerland over the weekend. 

High pressure over southern Scandinavian will bring the highest temperatures this year to the UK, with London and parts of the southeast nearing heat wave thresholds by the middle of the week, according to the Met Office. Yellow health alerts for hot weather have been issued for most of England.

Berlin and Paris will approach 30C (86F) early this week, with the German capital peaking at 31.5 on Thursday, according to Maxar Technologies Inc.

Power demand for cooling is expected to be slightly higher than usual over the next five days, according to Maxar, before temperatures ease by the weekend. At the same time, German solar output is expected to peak at 43,148 megawatts on Tuesday, according to Bloomberg models.

Greece, which has been battling wildfires since the middle of last week, remains at the epicenter of Europe’s heat. Temperatures in Athens will reach 37C on Monday and 38C on Tuesday, after the country recorded its hottest June day earlier this month.

Climate change means this year is on track to be the hottest on record, with the death toll from searing temperatures and extreme weather events climbing from India and Saudi Arabia to the US and Brazil.

By contrast, Switzerland remains on alert after heavy rainfall caused widespread flood damage in recent days, including a landslide that buried part of a village in the southeast. Water levels in Lake Constance are level 4, indicating great danger.

That flooding comes weeks after parts of neighboring Germany were submerged following persistent rainfall, disrupting rail services and shipping on the key Rhine and Danube shipping routes.