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

On today's podcast:

(1) HSBC announced a fresh stock buyback and raised its cost-cutting target as it reported second-quarter earnings that beat estimates despite China’s crackdown on cross-border wealth flows.

(2) The Rhine River’s water levels dropped to the lowest in nearly 150 years as hot, dry weather grips Europe, threatening to disrupt a crucial route for transporting coal, fuel and industrial commodities across a large swath of the continent.

(3) President Donald Trump said his latest offer of talks is a “last chance” for Iran after he called off what he said was a major attack on the Islamic Republic.

(4) The Iran war's impact is unfolding across Asia and it's visible from space. Bloomberg Economics analysis of NASA satellite imagery found that nearly 60% of the land area in the region experienced abnormal declines in nighttime radiance since the conflict began.

(5) The EU will try to restore unity today at a meeting of home affairs ministers, after Spain's migrant crisis exposed deep divisions within the bloc.

(6) Treasury Secretary Scott Bessent’s call for the Federal Reserve to boost a facility that Japan can use to support its currency has put renewed attention on the ties between the two institutions, which typically operate at arm’s length.

(7) Apple is yet again challenging the UK government in court over its attempts to access the encrypted data of customers, including iPhone users, according to two people familiar with the matter.

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