Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) A global equity selloff deepened as chip stocks plunged on Wall Street and in Asia, further unwinding this year’s blistering rally in the artificial intelligence trade. Treasuries gained on haven demand, while the dollar weakened.

(2) Anthropic told prospective investors its third-quarter revenue hit $16.8 billion, according to people familiar with the matter, as the artificial intelligence company pushes ahead with plans to go public.

(3) Ukraine will resume strikes on Russian oil refineries in response to deadly attacks by Moscow, President Volodymyr Zelenskyy told the FT. The move comes after the Ukrainian president accused US President Donald Trump and Elon Musk of restraining Kyiv’s military access to SpaceX’s satellite technology, deepening a rift between Washington and Kyiv.

(4) After getting China to accept limits to its car exports, the European Union is already eyeing follow-up action in other industries — setting up their next trade clash.

(5) UK Chancellor John Healey said he will “stay the path” on plans to bring down borrowing over the next few years as he welcomed the International Monetary Fund’s support for the government’s fiscal plans ahead of the budget. Whether or not John Healey’s Treasury has run a numbered list, they have been both disciplined and agile in knocking down damaging ideas. This Budget may have been dubbed “beige” in this interview on Bloomberg Radio with Barclays Chief UK Economist Jack Meaning

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