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

On today's podcast:

(1) The US and Iran exchanged fire in a flareup of violence on Monday that also drew in the United Arab Emirates, prompting calls for renewed strikes on Iranian targets and casting doubt on the fate of a four-week ceasefire.

(2) Stocks pulled back from record highs and the dollar strengthened after the US and Iran exchanged fire, escalating Middle East tensions and fueling inflation concerns.

(3) European Union Economy Commissioner Valdis Dombrovskis warned of the stagflationary effect that the Iran war is creating for the bloc.

(4) Some of the US’s closest allies including Canada and the UK are warning that the international system of security and trade championed by western powers for more than 70 years is broken beyond repair — and that it’s up to Europe to fashion a new global order.

(5) HSBC Holdings Plc reported profit that missed estimates, weighed down by an unexpected UK fraud-related charge and rising economic risks stemming from the conflict in the Middle East.

(6) Prime Minister Keir Starmer is due to host meetings to tackle antisemitism on Tuesday after two men were stabbed in north London last week in the latest attack targeting British Jews.

(7) When Christine Lagarde addressed a central bank conference late last year, her frustration was clear: Europe had been debating a digital euro for years, but it was still nowhere close to being done. But with the first issuance of a digital central bank currency expected only in 2029, and delays still cropping up, so have fears that the bloc may have already fallen behind.

Podcast Conversation: So When Does the Energy Price Shock Hit Europe?