Feeling the heat: are global economies coping?

In Europe, much of the continent is in the grip of a heatwave; forest fires are raging in Spain, Portugal and France. China has also been struggling with sweltering summer heat. Our correspondents Jessica Parker and Guy Hedgecoe update us on the situation in south west France and Spain. Leah Stokes, an Associate professor of political science at the University of California Santa Barbara, explains the impact of heat on the global economy.

White House economic adviser, Jared Bernstein, said he expects to see average gasoline prices falling below $4 a gallon in some places around the country in the coming weeks. Susan Schmidt, head of US equity at Exchange Capital Resources in Chicago, tells us more.

Sri Lanka's acting president has said the country's negotiations with the IMF over an emergency bailout are nearing conclusion. There has been no comment from the IMF, but there have been growing calls from Sri Lankan politicians for the organisation to heed the scale of the crisis. Felix Fernando, managing director of Omegaline Group and employs 14,000 people in Sri Lanka joins us.